EverSource Wealth Advisors LLC Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 982 shares of the company’s stock, valued at approximately $30,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Rise Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $28,000. Fulton Bank N.A. purchased a new stake in shares of Primo Brands in the fourth quarter valued at $669,000. Green Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter valued at $835,000. Procyon Advisors LLC purchased a new stake in Primo Brands during the 4th quarter worth about $553,000. Finally, Nisa Investment Advisors LLC acquired a new position in Primo Brands in the 4th quarter valued at about $176,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 1.3 %

PRMB stock opened at $32.38 on Friday. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.25. The firm has a market cap of $12.31 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 0.78 and a beta of 1.10. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The business’s fifty day moving average price is $32.64.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, February 20th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.08). Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.58 billion. As a group, analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Friday, March 7th will be paid a dividend of $0.10 per share. This is an increase from Primo Brands’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date is Friday, March 7th.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PRMB shares. Deutsche Bank Aktiengesellschaft raised their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. BMO Capital Markets initiated coverage on shares of Primo Brands in a research note on Monday, January 6th. They issued an “outperform” rating and a $40.00 target price for the company. TD Securities increased their price target on Primo Brands from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Royal Bank of Canada lifted their price objective on Primo Brands from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. increased their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $41.40.

Primo Brands Company Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.